Group health insurance is a hot topic these days, and of concern for both business owners and employees. But what exactly is group health insurance? Is it affordable? Should you offer it? Must you offer it? These are just a few of the questions you might be asking as you evaluate the employee benefits you want to provide.
If you want to review your options and compare group medical insurance costs, an independent agent in the Trusted Choice® network can help. One of these local agents can do the comparison shopping for you, and help you evaluate health insurance plans, options and pricing. These agents work with multiple insurance providers and can help you get all of the commercial coverage you need, all under one roof. Contact a local agent for assistance today.
Now more than ever, group health insurance is a valuable benefit often used to attract and retain high-performing employees. Consider these facts:
Doing a full assessment of all the options is often the most difficult part of purchasing group health insurance. Every business is unique, which means your company medical insurance plan will be unique as well. If you have a large company, you might choose to provide a more comprehensive business health insurance offering, including an HMO plan and a PPO plan. If you are a small employer, however, you might decide to offer just one health insurance plan that matches your needs and budget.
If you wondering whether an HMO plan or a PPO plan is better, the fact is that they both have merit. Here is a brief overview of the differences:
An independent agent can help you to fully assess the options and choose the best plan for your business.
Offering health insurance is not a requirement, even under the Affordable Healthcare Act (ACA). However, there are changes in the healthcare system that do affect employers. If your business has more than 50 employees, you may be required to make an "Employer Shared Responsibility Payment" if you do not offer an affordable healthcare plan that meets minimum value requirements.
Your healthcare plan will be considered "affordable" if the cost to the employee is less than 9.5 percent of the employee's income. The minimum value requirement is for your healthcare plan to cover at least 60 percent of the total cost of covered services.
An independent agent who specializes in commercial insurance and benefits plans can help you learn about the new regulations and ensure that you are in compliance.
In addition to deciding which type of coverage is best for your business, evaluating group medical insurance costs can also prove to be a challenge. Although employers are not required to offer coverage, many do provide at least one plan choice, and pay a portion of the premium, typically around 75 percent. The employee premium you pay as a business owner if tax deductible.
Some businesses save costs by offering the health insurance plan to certain employee classes, such as full-time employees. This is an option, providing you do not discriminate against any specific individuals. For example, you can choose to offer a health plan only to full time employees or to staff members who have been with your company for a certain period of time. Be sure to review all regulations regarding employee health plans, particularly in light of the Affordable Care Act legistion.
Because offering a group health insurance plan helps to attract and keep quality employees, most businesses find it advantageous to provide a group healthcare plan as a part of their employee benefits package. If you decide it is right for you, an independent agent can compare costs for you from several insurance companies to find the most affordable plan.
Group health insurance rates are regulated by law, which is intended to limit annual rate hikes. Still, you’ll notice a variation in the business health insurance quotes you compare. While group insurance plans include coverage for those employees with pre-existing conditions, the amount and types of claims submitted under your plan can affect your annual premium.
Navigating group health insurance can be a challenge, particularly with healthcare changes under way. There are some key benefits to working with an independent agent in your search for the best health insurance solution:
If you’d like customized coverage tailored to your business, consider using an independent member agent in the Trusted Choice network. You’ll feel more confident knowing your agent is finding you the best policy available at the best price—and you’ll also have peace of mind knowing you’re offering your employees affordable, quality health insurance. So if you’re looking for that competitive edge for your business, contact an agent today.